Sales of Airbus push EADS to £1.1bn

EADS drew a line under its failed merger with BAE Systems as Airbus aircraft maker reported a 19 per cent jump in full-year profits.

EADS recorded a €1.23bn (£1.1bn) profit for 2012, as a strong performance by its Airbus unit helped to boost sales by 15 per cent to €56.48bn. The strong full-year showing outweighed a 47 per cent profits decline for the fourth quarter, and investors sent EADS shares up by 6 per cent to €37.14.

EADS reported a €325m profit for the fourth quarter, after taking nearly €300m of charges relating to restructuring and contract renegotiations.

Airbus was given a further boost as its arch-rival, Boeing, continued to suffer in the wake of battery problems at its 787 Dreamliner. The Federal Aviation Administration denied reports it is close to approving test flights for the troubled plane.